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UAE GDP Grows 5-Fold in 10 Years

The UAE’s gross domestic product (GDP) rose up to Dh1.54 trillion ($419 billion) in 2014 from Dh314.81 billion ($85.7 billion) recorded at the beginning of Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, in 2004, a report said.

The country witnessed a transition from an oil based economy to a productive economy with enormous diversity in various fields, according to the report issued by the portal HotelandRest (hotelandrest.com), TradeArabia reported.

The report pointed out that the GDP quintupled during the past ten years and is still undergoing further growth, according to the IMF forecast, GDP will rise in 2018 to a Dh1.74 trillion ($473 billion).

The report said that the UAE’s strategy in the past ten years focused on the development of non-oil sectors that recorded the contribution of 69 percent of the total GDP, so that the contribution of the oil sector dropped to almost one-third.

The report said that the UAE has achieved the tenth place internationally as per capita income index, as the national savings rate of GDP rose during 2014 to a rate of 32.9 percent, which is largest savings rate in the world, surpassing most of the major economies such as Germany, France, Italy, Brazil, Canada and others.

In terms of national per capita gross income, the report predicted that the UAE will become one of the top 10 countries in the world by 2020, noting that the country currently holds the 16th place.